MFP Partners LP, a ten percent owner of S&W Seed Co (NASDAQ:SANW), has sold 200,000 shares of the company’s common stock. The shares were sold at a price of $0.15 each, amounting to a total transaction value of $30,000. Following this transaction, MFP Partners holds 993,187 shares of S&W Seed Co.
The sale was reported jointly by MFP Partners, MFP Investors LLC, and Jennifer Cook Price, the managing director of MFP Partners and managing member of MFP Investors. The transaction was executed under a Stock Purchase Agreement dated December 19, 2024. InvestingPro data reveals the company faces significant challenges, including high debt levels and cash burn concerns. Discover 10 more crucial ProTips and comprehensive analysis in the Pro Research Report, available exclusively with an InvestingPro subscription.
In other recent news, S&W Seed Company reported mixed financial results for its fourth quarter, with a significant 68% increase in revenue from its Double Team sorghum technology in the Americas, totaling $10.9 million. However, the total revenue for the fiscal year decreased to $60.4 million from the previous year's $73.5 million, and a GAAP net loss of $30.1 million was reported. In further developments, S&W Seed Company has completed the divestiture of certain assets and the transfer of shares of its wholly-owned subsidiary, S&W Seed Company Australia Pty Ltd, to Avior Asset Management No. 3 Pty Ltd, as part of a larger restructuring plan.
Simultaneously, the company has successfully amended its loan agreements and regained compliance with Nasdaq listing requirements. This includes extending the maturity date of its existing loan with CIBC (TSX:CM) Bank USA and amending its Subordinate Loan and Security Agreement with MFP Partners L.P.
In the company's annual meeting, four directors were elected, and the appointment of Grant Thornton LLP as the company's independent registered public accounting firm for the fiscal year ending June 30, 2025, was ratified. The compensation of the Company's Named Executive Officers was approved, and the stockholders approved the Amended and Restated 2019 Equity Incentive Plan.
In terms of product development, S&W Seed Company is planning to launch new sorghum traits, including the second-generation Double Team trait (DT2) and Prussic Acid Free sorghum. These are the most recent developments for S&W Seed Company.
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